In defiance of all the laws of supply and demand, US fuel retail fuel prices continued the distributor controlled increases into the mid $4 range, as inventories returned to the year ago high levels.
Stations and refineries were reported to be ‘awash’ in stocks, as the pricing has suppressed consumption, along with a warm winter, and continued global production. The ‘uncertainty’ broadcast by the OPEC network, has not diminished actual barrels of production, even from Libya. Libya is the source of only about 1%, and it’s still getting shipped.
Maybe the Fake fears of shortages will get back to the alleged ‘futures dealers”, who must be getting ready to eat their hearts out. Can we short the oil futures market? Good way to offset the mortgage loses.
https://www.economy.com/home/login/ds_proLogin_5.asp?tab=1&edition=0&script_name=/dismal/pro/release.asp&rk=41E15824-3740-4145-9761-7F01836D8EFB&tkr=1104051929
United States: Oil and Gas Inventories
Updated: 3/30/2011 10:36 AM Actual: 355.7 mil barrels
Analyst: Chris Lafakis in West Chester
First Take
Crude oil inventories rose by 2.9 million barrels, exceeding expectations of a 1.5 million-barrel rise. Distillate inventories rose by 710,000 barrels, in contrast to expectations of a 1 million-barrel decline. Gasoline inventories fell by 2.7 million barrels, slightly below expectations of a 2 million-barrel drop. Oil inventories at Cushing OK rose by 1.7 million barrels to an all-time high. Refinery utilization was unchanged; it was expected to have risen by 0.3%. Petroleum demand fell appreciably. This report should put downward pressure on oil prices.
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